Coinsilium Group Limited (LON:COIN) said its investee company, Factom Inc, had filed for reorganisation under Chapter 11 Subchapter V to address structural issues preventing them from raising further capital.
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The blockchain investment and advisory firm said Factom advised that the provisions in the filing preserve the position of existing shareholders and structures the means of paying creditors. Factom’s directors expect the company to emerge from reorganisation in 60 to 90 days.
Coinsilium’s interest in Factom comprises 150,000 series seed shares and 73,291 preferred series A-1 shares valued at £236,776 on June 30.